Gherkin goes into receivership
Partners from Deloitte restructuring services have taken over the distinctive City skyscraper at 30 St Mary Axe in the City of London, better known as the 'Gherkin'.
The building was designed by Lord (Norman) Foster and constructed by insurer Swiss Re on the site of the former Baltic Exchange, which was destroyed by an IRA bomb in 1992.
The German investment company, IVG Immobilien, that led the consortium that acquired the landmark for £630m in 2007, went bankrupt last year after defaulting in 2009.
While the building has been earning rents from tenants including Swiss Re and Sky News, which broadcasts daily City news reports from the tower’s top floors, adverse currency fluctuations between the pound and the Swiss franc have seen the property’s liabilities soar.
With some reluctance, the leading lenders called in Phil Bowers and Neville Kahn of Deloitte as joint fixed charge receivers yesterday...